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Demand continues to drive Okanagan real estate markets – Kelowna Capital News

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Fewer homes sold from Peachland to Revelstoke in October, compared to September; however, they’re selling faster.

Overall, the real estate market in the Central, North Okanagan and Shuswap is holding steady.

New statistics released Nov. 3 by the Okanagan Mainline Real Estate Board (OMREB) shows there was a slight decrease in the number of homes sold in October, eight per cent less than September’s 1,159 sales.

Despite this decrease, the average number of days to sell a home dropped nine per cent from 90 days in September to 83 days in October.

READ MORE: In September, Okanagan-Shuswap real estate market continues to rebound

Compared to last year, the fall real estate market is skyrocketing.

Seventy per cent more homes sold in October of this year, compared to 2019. In some markets, like the Central Okanagan, there was a 114.6 per cent increase in the sale of single-family homes and a 156.6 per cent increase in townhouses. In the North Okanagan, the sale of single family homes is up 83.3 per cent. In the Shuswap/Revelstoke region, the sale of townhouses is up 216.7 per cent.

Across the board, the availability of single-family homes and townhouses is significantly down compared to last year — in some markets by almost 40 per cent. This is a stark contrast to the availability of condos and apartments, which despite an increase in sales, also increased in inventory, in some markets by up to 15 per cent.

Average home sale prices, by region, and home type, compared to 2019

The increase in home sales brought with it an increase in prices compared to last year.

Single-family homes in the Central Okanagan increased in price by 9.4 per cent this year, to a benchmark of $728,300. In the North Okanagan, the price was up 9.2 per cent to $525,300, and in the Shuswap/Revelstoke region, it was up 7.9 per cent to $474,100.

Townhouses didn’t see the same spike in price. In the Central Okanagan, it increased by 5.2 per cent to benchmark $492,800. In the North Okanagan, the price was up 2.1 per cent to $368,900, and in the Shuswap/Revelstoke region, it was up 2.4 per cent to $369,700.

The increase in condo prices was substantial. In the Central Okanagan, it shot up 8.4 per cent, to benchmark $394,500. In the North Okanagan, prices were up 8.1 per cent to $248,900. In the Shuswap/Revelstoke region, it was up 8.5 per cent to 352,500.

A benchmark price is a value compared to the average or medium price.

Expected ‘calming’ of the market never came

The real estate board said a normal ‘calming’ in the market as the winter months approach, isn’t necessarily happening this year. They believe this is due to demand.

“This seems to be a trend across the province as demand for more living space continues to drive consumer incentives,” said the OMREB in an email.

That being said, they explained a recent spike in COVID-19 cases across the province ‘will likely facilitate’ a calming in the market.

Even despite COVID-19, homes are moving off the shelves quickly due to the fact realtors have adapted to ‘the new normal’; selling homes while adhering to provincial health guidelines.

The OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap – Revelstoke Zone (Salmon Arm to Revelstoke).

For more detailed statistics on your area, click here.

READ MORE: ‘Deeply concerning’: New Kelowna RCMP commander addresses detachment’s controversies

READ MORE: Third case of COVID-19 confirmed at Kelowna Secondary School

Do you have something to add to this story, or something else we should report on? Email: phil.mclachlan@kelownacapnews.com


 

@newspaperphil
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Vancouver real estate: $2.5 million townhouse along Choklit Park, former home of Purdys, sells over asking price – The Georgia Straight

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For its location and views, it’s not suprising that this Vancouver townhouse beats a lot of single-family homes in price.

These also likely explain why the strata property at 1089 West 7th Avenue didn’t stay long on the market.

As well, the property sold over its listing price, when a buyer picked it up for $2,505,000.

The Fairview Slopes townhouse is located along a storied and unique green space, Choklit Park.

The 0.07-hectare park is associated with the legacy of Purdys chocolates.

“This site was formerly the location of the Purdy’s Chocolate factory, hence the name!”, according to the online parkfinder from the City of Vancouver.

The park is “tucked into a steep slope”, and comprised by a “series of steps and terraces with a beautiful collection of trees and shrubs”.

“Although tiny, the park is expanded with its views to False Creek and downtown,” the city notes.

Purdy’s made chocolates from 1949 until 1982 at what is now Choklit Park. Sold property indicated by red mark.
GOOGLE

The Vancouver Heritage Foundation recalls online that Charles Flavelle, owner of Purdys, said that the choklit spelling was suggested by one of the “hippie” carpenter crew that built the park.

“That’s the way a kid would spell it,” Flavelle was reportedly told.

The heritage association reproduced online the plaque recalling the history of the park:

Charles Flavelle of Purdy’s Chocolates created Choklit Park in 1970 on the unused Spruce Street right-of-way at 7th Avenue, using a crew of six hired on an “Opportunities for Youth” grant. The chocolate factory at 1107 W. 7th needed an improved truck-loading facility and the children in the neighbourhood needed an adventure playground. The crew used the right-of-way and all the available space around the factory for the children’s park. Purdy’s made chocolates here from 1949 until 1982.

Purdys Chocolatier moved to Kingsway in East Vancouver, where it continues to make and sell chocolates.

Engels and Volkers Vancouver listed 1089 West 7th Avenue on November 24, 2020, for $2,298,000.

After six days on November 30, the townhouse sold for $2,505,000 or $207,000 over its original asking price.

The transaction was tracked by fisherly.com, an online real-estate information site.

The home features two bedrooms and three baths.

The listing describes it as an “architectural oasis that will capture those in search of privacy, beauty and incredible views”.

The three-level concrete and brick townhouse includes three private decks, including one on the rooftop, which offer “panoramic city views”.

“Large master retreat includes rare solarium, perfect art studio/office/shop + custom closets,” the listing adds.

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Vancouver real estate: Shift on to big corporate landlords of apartment buildings

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Article content continued

Goodman describes the market as being balanced between the supply of and demand for listings, even though he is seeing more rental buildings for sale than in the past.

“While private investors made up the majority of vendors and purchasers in the first half of 2020, real estate investment trusts, or REITs and institutions are likely to increasingly emerge as buyers, particularly on larger deals, in the back half of the year and into early 2021,” according to a fall 2020 report by Avison Young.

Rental apartment buildings are seen as a very attractive and reliable investment for REITs and other financial companies in these uncertain times, said John Bunting of PwC Canada’s B.C. region real estate practice.

“It’s called (investing in) ‘beds and sheds,’ or the first basic needs of safety, security, shelter and food,” he said.

Bidding opened Monday for a package of 10 apartment buildings, with over 400 rental suites across Vancouver.

A family-run, Vancouver-based company, Hollyburn Properties Ltd., is selling these properties, which it has owned for decades. They make up almost a third of the 33 multi-family, rental buildings it owns in the Vancouver area.

Lance Coulson of real estate broker CBRE, which has the listing, and Hollyburn spokesperson Olivia Brown did not respond to questions and there is no publicly listed asking price.

Coun. Jean Swanson had a motion on the agenda for Vancouver city council last week, which mentioned the Hollyburn listing, picking it as an example of “a portfolio that could be attractive to REITS” because of its large number of buildings and units and its likely higher dollar value, she said.

Source: – Vancouver Sun

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Vancouver real estate: $2.5 million townhouse along Choklit Park, former home of Purdys, sells over asking price – The Georgia Straight

Published

 on


For its location and views, it’s not suprising that this Vancouver townhouse beats a lot of single-family homes in price.

These also likely explain why the strata property at 1089 West 7th Avenue didn’t stay long on the market.

As well, the property sold over its listing price, when a buyer picked it up for $2,505,000.

The Fairview Slopes townhouse is located along a storied and unique green space, Choklit Park.

The 0.07-hectare park is associated with the legacy of Purdys chocolates.

“This site was formerly the location of the Purdy’s Chocolate factory, hence the name!”, according to the online parkfinder from the City of Vancouver.

The park is “tucked into a steep slope”, and comprised by a “series of steps and terraces with a beautiful collection of trees and shrubs”.

“Although tiny, the park is expanded with its views to False Creek and downtown,” the city notes.

Purdy’s made chocolates from 1949 until 1982 at what is now Choklit Park. Sold property indicated by red mark.
GOOGLE

The Vancouver Heritage Foundation recalls online that Charles Flavelle, owner of Purdys, said that the choklit spelling was suggested by one of the “hippie” carpenter crew that built the park.

“That’s the way a kid would spell it,” Flavelle was reportedly told.

The heritage association reproduced online the plaque recalling the history of the park:

Charles Flavelle of Purdy’s Chocolates created Choklit Park in 1970 on the unused Spruce Street right-of-way at 7th Avenue, using a crew of six hired on an “Opportunities for Youth” grant. The chocolate factory at 1107 W. 7th needed an improved truck-loading facility and the children in the neighbourhood needed an adventure playground. The crew used the right-of-way and all the available space around the factory for the children’s park. Purdy’s made chocolates here from 1949 until 1982.

Purdys Chocolatier moved to Kingsway in East Vancouver, where it continues to make and sell chocolates.

Engels and Volkers Vancouver listed 1089 West 7th Avenue on November 24, 2020, for $2,298,000.

After six days on November 30, the townhouse sold for $2,505,000 or $207,000 over its original asking price.

The transaction was tracked by fisherly.com, an online real-estate information site.

The home features two bedrooms and three baths.

The listing describes it as an “architectural oasis that will capture those in search of privacy, beauty and incredible views”.

The three-level concrete and brick townhouse includes three private decks, including one on the rooftop, which offer “panoramic city views”.

“Large master retreat includes rare solarium, perfect art studio/office/shop + custom closets,” the listing adds.

More

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